RESULTS PRESENTATION FY17 7 February 2018

Transcription

1 RESULTS PRESENTATION FY17 7 February 2018

2 Index 1 Strategic Plan FY17 Results 4 Wrap-up Annexes

3 1 Strategic Plan Basic Pillars Strategic Plan (announced on 30/10/14) Our Commitment Back in 2014 * Excluding Cellnex (deconsolidated in May 2015) 3

4 1 Strategic Plan Focus 15% in Túnels Entry in India Wind telecom towers (Italy) 50% stk Autopista del Sol & Los Libertadores 10 yrs extension Metropistas New Plan de Relance 100% in Sanef Investments 5.4Bn Minority buyout of Arteris Plan de Relance 50% remaining Autop. Central 51% in A4 Holding Autovias retender 83.56% in A4 Holding % MBJ airport stk (Jamaica) + SCL (Chile) 66% listing of Cellnex Sale of 20% stake of Abertis Chile Disposals Becoming a Pure Toll Road Operator 2.8Bn 4

5 1 Strategic Plan Cash Efficiencies Cumulative and Yearly Cash Savings Mn Total Yearly cash savings More than 400Mn Cumulative Savings In addition to cumulative savings from the strategic plan 5

6 1 Strategic Plan Value Accretive Investments 3,643 2, Organic Inorganic Disciplined Growth Effort ~ 7Bn invested in growth in the past three years 6

7 1 Strategic Plan Shareholders Annual Dividends ( Mn) * *0.40/share (proposed payment on 20/03/18) to be approved on next AGM (13/03/18) Share Performance +24.5% 13, % 12,000 11,000 10,000 9,000 8,000 7,000 Transparent Shareholder Remuneration Policy Abertis Ibex 35 CAGR of ~10% Growth as Committed + 6.5% Share Buy-Back 7

8 1 Strategic Plan Conclusions Disposal of remaining airport assets Focus Cellnex IPO Hispasat pending disposal (reclassified as discontinued operations) Efficiencies 416Mn total cumulative savings on top of efficiencies Growth ~ 7Bn invested: - ~ 5Bn in M&A - ~ 2Bn in expansion capex Shareholders Total 2.2Bn in dividends - 10% annual increase 8

9 Index 1 Strategic Plan FY17 Results 4 Wrap-up Annexes

10 2 FY17 Results Introduction Solid results - Good operating environment - Focus on efficient operations - L-f-L EBITDA margin expansion Successful Investments - Reinforcement in France and Italy - New project in Brazil - Renegotiations of projects in Chile and Argentina Delivery of strategic plan - Focus - 416Mn in cumulative savings - ~ 7Bn value accretive investments - 10% p.a. shareholders remuneration Tender offers - 2 pending offers from Atlantia and Hochtief We deliver 10

11 2 FY17 Results Highlights Financial Highlights (FY17) EBITDA Breakdown (FY17) By Market Triple Double Growth: + 13% in revenues ( 5.3Bn) 33% 31% + 14% in EBITDA ( 3.5Bn) + 13% in net income ( 897Mn) 2.0Bn Discretionary FCF 3.6Bn Investments 15.4Bn Net Debt (4.4x EBITDA) 6% 6% 12% 12% 11

12 2 FY17 Results Main Figures Extraordinary Effects Revenues ( Mn) EBITDA ( Mn) % Revaluation of Autopista Central ( 293Mn) in % ,707 5,323 3,065 3,480 New Perimeter: A4H (Italy), JEPL and TTPL (India) Acquisition of minorities stakes (~ 157Mn net income impact) Net Profit ( Mn) EBITDA EBITDA margin Discretionary Cash Flow( Mn) FX: + 32Mn impact in revenues and + 24Mn in EBITDA Reclassification of Hispasat (Discontinued operations) ,655 1,987 L-f-L Performance + 6.3% Revenues + 7.7% EBITDA +11.5% Discretionary cash flow ( 1,987Mn) A Solid Performance: Above Guidance +24% Net profit ( 897Mn) 12

13 2 FY17 Results Traffic: Main Markets Italy +3.2% 2.6% 6.1% Spain +3.9% 3.4% 6.8% France +1.5% 0.9% 4.5% Argentina -1.7% -2.0% 0.9% Puerto Rico -2.9% -2.8% -3.0% Chile +4.0% 4.5% 1.5% Brazil +3.2% 3.5% 2.6% India +9.6% 10.8% 7.4% Traffic Above Expectations 13

14 2 FY17 Results Toll Roads France Revenues ( Mn) EBITDA ( Mn) Traffic performance as expected (+1.5%) 67.1% 68.7% Increase in L-f-L EBITDA margin due to efficiencies (+40bps) Stake increase in HIT from 52.55% to 100% (impact of ~ 157Mn in Abertis net profit in a full year basis) 1,658 1,690 1,112 1,161 New investments compensated with tariff increases (Plan de Relance) % EBITDA margin Spain Strong traffic above guidance (+3.9%) Revenues ( Mn) EBITDA ( Mn) 82.1% 81.7% End of tax exemption in Acesa and Invicat ( 15Mn impact) Increase in L-f-L EBITDA margin due to efficiencies 1,314 1,362 1,079 1,112 (+60bps) % EBITDA margin 14

15 2 FY17 Results Toll Roads Brazil Traffic recovery throughout the year (+3.2%) Revenues ( Mn) EBITDA ( Mn) 50.6% 50.4% Tariff increases above inflation to compensate investments Positive impact from the Brazilian Real appreciation ViaPaulista winning bid Increase in L-f-L EBITDA margin (+190bps) % EBITDA margin Chile Revenues ( Mn) EBITDA ( Mn) Strong traffic above guidance (+4.0%) 75.4% 78.3% +90bps L-f-L EBITDA margin expansion Optimization of portfolio and asset restructuring % EBITDA margin 15

16 2 FY17 Results Toll Roads Italy Revenues ( Mn) EBITDA ( Mn) Strong traffic growth above guidance (+3.2%) Stake increase in A4H from 51.4% to 83.56% 47.4% 50.9% (impact in Abertis net profit) Disposal of non core assets (Infracom) % EBITDA margin International Revenues ( Mn) EBITDA ( Mn) Puerto Rico s traffic impacted by hurricanes (-2.9%) 37.8% 40.9% Strong tariff increase in Argentina, more than offsetting soft traffic (-1.7%) months of Indian assets operations consolidated MoU in Argentina (GCO and Ausol) for new investments and rebalances in exchange for contract extensions % EBITDA margin 16

17 2 FY17 Results Cash Flow EBITDA Allocation ( Mn) Discretionary Cash Flow ( Mn) Income taxes Non cash effects & others 365 Operating Capex ,480Mn 1,987 Discretionary Cash Flow Net Cash Flow 552 Minorities 58 1,987Mn L-f-L (+11.5%) 719 Expansion Capex (Ex. M&A) Net Financial Result Dividends 3, , Growth-Focused Capital xxx Allocation EBITDA Net Financial Result Income tax Non cash effects Operating capex Discrecionary free cash flow Expansion capex Dividends Minorities Net CF 17

18 2 FY17 Results Value Through Growth Expansion Acquisitions Investments with tariff increases Mn 151 Plan de Relance 396 2,924Mn ViaPaulista Minorities buy-out Indian assets Capacity addition Minorities buy-out 2,214 More than 3.6Bn (+48%) Invested or Committed in Growth RAB in Italy & Others 18

19 2 FY17 Results Projects Brazil 396Mn Stake increase in Sanef from 52.55% to 100% through multiple acquisitions Positive impact in Abertis P&L at net profit level ( 157Mn in 2017) Access to full dividend stream France 2,214Mn ViaPaulista bid: - New concession with 720km including the current of Autovias and 403km of additional stretches - 30 year concession expiring in 2047 Stake increase in A4 Holding from 51.4% to 83.56% through multiple stake acquisitions Positive impact in Abertis P&L at net profit level Italy 179Mn Argentina USD$680Mn MOU with the government for new investments and rebalances in GCO and AUSOL for the extension of both concessions MOU for new investments in Autopista Central Sol & Rutas Compensation through term extensions Chile ~ 800Mn (Total works) India 135Mn Jadcherla Expressways &Trichy Tollway acquisition - A new market for Abertis with significant growth potential - Two key corridors for the country km in operation Reinforcement in well known assets with upside optionality New assets and expansion of existing portfolio 19

20 2 FY17 Results Debt Optimization of Debt Structure Amount ( Mn) Holding 2,520 France 1,940 Highlights New bank debt for 2.2Bn (average cost 0.65%), liability management of a portfolio of US private placements and Abertis first sustainable loan (2 nd of its kind in history in Spain and 3 rd in Europe) New revolving credit facility for 800 million, two-tranche bond issuance for 1Bn with coupons of 0.625% and 1.625% (largest bond by a French toll road in 2017), and liability management of high coupon bonds due in 2021 Brazil 565 New bank debt and bond issuance by Arteris (3 rd largest corporate bond issue in Brazil in 2017) Chile 350 Unprecedented volumes of liability management of monoline wrapped bonds in 3 concessions Italy 200 Buyback of high coupon bonds due 2020 at attractive terms Total 5, % Average cost of Debt 5.1% 4.8% 4.8% 4.1% 4.0% 3.1% 4.0% 2.1% ND/ EBITDA Net Debt Evolution 2,924 15,367 14, * 4.4 Reduced Refinancing Risk and Extension of Average Debt Maturities 2015 Consolidated Holding Net Debt 2016 Net CF Cellnex IPO taxes return Disposal Infracom (cash-in and Debt deconsolidation) Capital increase in Brazil (minorities contribution) Hispasat debt deconsolidation Fx and others M&A Investment (France, Italy, Brazil, India) Net Debt 2017 *Excluding the impacts from Hispasat in the P&L and balance sheet 20

21 Index 1 Strategic Plan FY17 Results 4 Wrap-up Annexes

22 3 Wrap-up A Success Story Strong Solid results - Significant investment efforts - More efficient Balance Sheet Successful Completion of Strategic Plan - Increased focus - More efficient - Larger asset base - Higher shareholder remuneration We delivered our commitments 22

23 Index 1 Strategic Plan FY17 Results 4 Wrap-up Annexes

24 4 Annex Income Statement Mn L-f-L Revenues 4,707 5, % Operating Expenses -1,642-1,843 EBITDA 3,065 3,480 Comparable EBITDA 3,082 3,319 Depreciation ,029 Amortization of revalued assets (PPA) EBIT 1,872 2, % Cost of debt Other financial results Share of profit of associates Profit Before Taxes 1,291 1,291 Income tax Minorities Discontinued operations (mainly Hispasat) % Net Profit % 24

25 4 Annex Revenues & EBITDA Revenues ( Mn) (+6.3%) 4, , ,025 Revenues 2016 Leap year FX Comparable Revenues 2016 Changes in perimeter (Italy + India) Recurrent performance Comparable Revenues , EBITDA ( Mn) 21 3, (+7.7%) 3,319 EBITDA 2016 Leap year impact FX Tax exemption ending in Acesa and Invicat Others Comparable EBITDA 2016 Changes in perimeter (Italy + India) Recurrent performance Comparable EBITDA

26 4 Annex Net Profit Net Profit ( Mn) (+24%) Net Profit 2016 Autopista Central Book value Minorities HIT Others Comparable Net Profit 2016 Recurrent performance Others Comparable Net Profit

27 4 Annex Geographical Debt Distribution 27

28 4 Annex Debt Profile Mn 4,061 1,614 1,135 2,323 2,047 2,491 1,750 1,241 1, Corporate debt Subsidiaries debt Mn Gross Debt 16,906 17,825 Net Debt 14,377 15,367 Net Debt/EBITDA 4.6x* 4.4x Cash Consolidated 2,529 2,458 Mn Avg. Cost 4.8% 4.0% Avg. Maturity Non-recourse Debt 66% 61% Fixed Rates 90% 79% *Excluding the impacts from Hispasat in the P&L and balance sheet 28

29 4 Annex Cash Flow Statement CF ( Mn) L-f-L (2017 vs. 2016) EBITDA 3,065 3, % Net Financial Result Income tax expense Adjust. Non cash effects Gross operating cash flow 1,742 2,073 Operating capex Discretionary cash flow 1,655 1, % Dividends Payments to minorities Free cash flow II 890 1,271 Expansion capex organic Net Free cash flow

30 4 Annex Balance Sheet BALANCE ( Mn) CHG Non-current assets 26,788 24, % Current assets 4,348 3, % Assets held for sale 50 1,796 Total assets 31,186 29, % Shareholder s equity 6,901 4, % Non-current liabilities 20,558 21, % Current liabilities 3,683 3, % Liabilities held for sale Total equity and liabilities 31,186 29, % 30

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